As a result of the advancements in Industry 4.0, the amount of data collected within industries are continuously expanding to achieve an innovative environment within the industry by maximizing asset usage. Meanwhile, the redundancy rate is increasing in cloud storage, which has an impact on data storage and analysis. To lower the rate of redundancy, the proposed system comprises a Time series-based deduplication technique. In the Time series-based deduplication technique, the Adaptive Multi-Pattern Boyer Moore Horspool (AM-BMH) algorithm, and Merkle tree were used to produce time-series data. Another significant challenge is that the geographically distributed cloud system has encountered that the data placement methodology with high-priced transportation costs for data transmission. To overcome this issue, an optimal data placement strategy using Modified Distribution is proposed. Thus the proposed Time Series-based Deduplication and Optimal Data Placement Strategy (TDOPS) is found to be effective when compared with the existing system. The various parameters like space reduction, efficient retrieval, data transportation costs, and data transmission time are taken into the account in the cloud environment for an evaluation. The proposed scheme saves 98 percent of storage space, 55 percent computation overhead, and improves 60% of cloud storage efficacy.